Welcome!

News Feed Item

Colossus Minerals Intersects High Grade Gold Values in Diamond Drilling at Elefante

TORONTO, ONTARIO -- (Marketwire) -- 01/10/13 -- Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) reports assay results from the recent diamond drilling program on the Elefante area where earlier in the year auger drilling had returned values of gold, platinum and palladium. The Elefante area is located approximately two kilometres to the southeast of the Serra Pelada Gold-Platinum-Palladium Mine. The Serra Pelada Mine is a 75%/25% joint venture between Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Para, Brazil.

HIGHLIGHTS

--  Precious metal values are near surface 
--  Possible new exploration target model as the samples containing precious
    metals lack the strong carbon upgrading associated with the
    mineralization at the Serra Pelada Mine  
--  Mineralization is currently open in all directions as preliminary four-
    hole program tested a small proportion of surface anomalies 
--  Hole EL-12-001 contained the highest overall gold value and returned
    5.70 metres grading 5.41 g/t gold, 0.04 g/t platinum and 0.29 g/t
    palladium 
--  Hole EL-12-002 contained the highest overall platinum and palladium
    values and returned 5.10 metres grading 0.45 g/t gold, 1.27 g/t platinum
    and 2.04 g/t palladium 

Claudio Mancuso, CEO of Colossus commented, "We conducted this limited drill program to explore the possibility that mineralization encountered in previous soil and auger sampling programs continue into the bedrock. While we remain focused on development of the Central Mineralized Zone ("CMZ") where we continue progressing well with bulk sample extraction, we are encouraged by these results and anticipate that further exploration could lead to development of a satellite deposit. The area has seen little diamond drilling by Colossus and will be further explored in 2013. We look forward to providing an update on the progression of the bulk sample and other development activities in the next few weeks."

DETAILS

The Elefante area is located approximately two kilometres to the southeast of the Serra Pelada Mine (click the following link to view the accompanying map: http://file.marketwire.com/release/CSIfig1.pdf). The bedrock in the Elefante Area consists of Archean aged (2.68 billion year old) sediments belonging to the Rio Fresco Formation which also hosts the Serra Pelada orebody.

This release reports assay results for four HQ caliber diamond drill holes totaling 365 metres that were drilled in November and December 2012. The drilling program was a follow-up on encouraging precious metal results that came from an auger drilling program carried out over the Elefante area between January and May 2012 (see press release dated August 20, 2012 for details).

The objective of the diamond drilling program was to verify if the results that were encountered in soil sampling and auger drill hole programs were bedrock sourced. The mechanical auger cannot penetrate bedrock and can only drill to resistance (which usually means it ends in saprolite or the deeply weathered portion of the bedrock which lies just above the fresh bedrock). Auger drilling campaigns that preceded the diamond drilling program managed to outline a low grade (greater than or equal to 1 g/t combined gold + platinum + palladium) anomalous area roughly 200 metres long in an almost east-west direction and approximately 100 metres wide in a north-south direction (see map inset). Within this broad envelope lies a well defined, higher grade isocontour that was the main target of the diamond drilling program which tested an area roughly 25 meters (east-west) by 50 metres (north-south).

All four diamond drill holes returned values of gold, platinum and palladium with hole EL-12-001 returning the highest grade gold values of 12.64 g/t and 6.34 g/t while hole EL-12-002 returned the best overall platinum and palladium results with 1.27 g/t and 2.04 g/t respectively including a 1.25 metre interval that returned 0.07 g/t gold, 3.67 g/t platinum and 5.89 g/t palladium. These results confirm that mineralization encountered in the soil and auger sampling programs conducted prior to the diamond drilling program continue into bedrock. The Elefante area has seen little drilling by Colossus and will be followed up in 2013.

A complete listing of results can be found in Table 1 below.

TABLE 1: ASSAY RESULTS                                                      
                                                                            
----------------------------------------------------------------------------
                            From     To Interval(i)  Gold Platinum Palladium
Area        Drill-hole ID    (m)    (m)         (m) (g/t)    (g/t)     (g/t)
----------------------------------------------------------------------------
Elefante        EL-12-001   8.10  12.70        4.60  0.08     0.29      1.03
----------------------------------------------------------------------------
                      and  17.10  22.80        5.70  5.41     0.04      0.29
----------------------------------------------------------------------------
            Including(ii)  17.10  18.80        1.70 12.64     0.07      0.47
----------------------------------------------------------------------------
                including  18.80  19.80        1.00  6.34     0.02      0.32
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Elefante        EL-12-002  28.95  34.05        5.10  0.45     1.27      2.04
----------------------------------------------------------------------------
                including  28.95  30.20        1.25  0.07     3.67      5.89
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Elefante        EL-12-003  35.30  40.50        5.20  0.32     0.78      0.74
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Elefante        EL-12-004   7.70  12.20        4.50  1.06     0.55      0.77
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
(i)Core lengths reported here. Intercepts determined on a 1 g/t             
(gold+platinum+palladium) cut-off grade for the purpose of this release.    
(ii) Less than 50% core recovery.                                           

While minor amounts of carbon have been identified in outcrops during the mapping of the Elefante area and some minor carbon identified during core logging, no significant carbon upgrading similar to that identified with the CMZ at the Serra Pelada Mine could be reported in the Elefante drill holes even though they returned values of gold, platinum and palladium. This indicates that the classic "Burro Preto" zone which is associated to the CMZ at the Serra Pelada Mine may not be the only readily identifiable marker for mineralization in this type of sediment. Once the geology and the occurrence of precious metal mineralization at the Elefante area are better understood, a new exploration target for mineralization on the Serra Pelada property may develop.

The results are currently being interpreted and the immediate focus of the follow-up drilling will be to expand the known zone and define its limits.

Serra Pelada Geology

Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge of a large fold. The CMZ comprises mainly a steep dipping carbonaceous alteration zone in the fold hinge that also extends onto the upper and lower limbs of the fold for a limited distance. The Lower Limb represents shallow-dipping, gold-platinum-palladium mineralization predominantly associated with an iron oxide rich breccia as well as iron oxide rich argillic alteration and locally carbonaceous alteration on the lower limb of the main fold. The upper limb mineralization is characterized by an iron oxide rich breccia similar to that found in the Lower Limb. The lithologies containing mineralization at the Elefante area do not share the same characteristics or degree of alteration as the typical ore zone at the Serra Pelada Mine and may represent a new target for ore on the property.

Technical Information

Diamond drilling was HQ cored. Sampling of core by Colossus personnel and sample preparation by Intertek Limited, Parauapebas and/or SGS Geosol, Parauapebas, Brazil were carried out under strict protocols recommended in the National Instrument 43-101 Technical Report dated January 31, 2010 on the Serra Pelada Project. After photographing and logging, core sample intervals were cut and/or split in half, yielding samples of various weights depending on the sample length. Where core recoveries were low, intervals were composited to yield approximately one kilogram minimum sample mass. Intertek and SGS Geosol pulverize one or two kilogram splits (greater than 95% passing 106 microns) from the crushed (greater than 95% passing 1.7 mm), dried samples. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to Intertek preparation work.

The labs insert additional blanks, duplicates and high grade gold/PGE reference materials in the assay stream and replicate or duplicate assays were performed routinely and on most medium- to high-grade materials. Fire assays for gold, platinum and palladium were on 25 gram subsamples utilizing a lead-rich collector material and AA finish.

The Intertek and SGS Geosol assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures.

Graham Long, Vice President, Exploration of Colossus, is a qualified person under National Instrument 43-101 and is responsible for this release and has verified the contents disclosed.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Para, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Para, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Forward-looking statements in this press release include statements regarding the timing and nature of future exploration and development programs that are dependent on projections that may change as drilling continues, or if unexpected ground conditions are encountered. The Company does not currently have any mineral properties that are in production or that contain a reserve as defined by National Instrument 43-101. In addition, areas of exploration potential are identified which will require additional drilling to determine whether or not they contain similar mineralization to areas that have been explored in more detail. Significant additional drilling is required at Serra Pelada to fully understand system size.

Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration and development plans, activities and intentions, constitute "forward-looking information" within the meaning of the Securities Act (Ontario) or "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. Forward-looking statements are frequently characterized by words such as "target", "plan", "expect", "project", "intend", believe", "anticipate" and other similar words, or statements that certain events or conditions "appear to", "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The factors include but are not limited to risks related to the joint venture operation, actual results of exploration activities, the inherent risks involved in the exploration and development of mineral properties, changes in project parameters as plans continue to be refined, delays in obtaining government approvals, the uncertainties of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties inherent to conducting business in Brazil and the rest of Latin America, the availability of equipment and supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form filed with Canadian provincial securities regulatory authorities and other regulatory filings which are posted on SEDAR at www.sedar.com. Unless required by law, Colossus undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Contacts:
Colossus Minerals Inc.
Ann Wilkinson
VP, Investor Relations
(416) 643-7655
[email protected]
www.colossusminerals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.